Greece Debt Crisis Hits Critical Mass

Leonidis I led 300 men into an eventual slaughter, courtesy of Xerxes and his more advanced army. His acts of valor martyred him, but unfortunately, many more died before Greece was made whole. An entirely different slaughter could happen should Prime Minister Tsipras and the Greek government fail to nail down an agreement to keep Greece from getting booted from the Eurozone — and that’s not even half the storyline currently developing behind the scenes.

On Sunday, millions of Grecian residents will take decades of hopes, dreams, and an uncertain future to the polls to vote on one referendum. One chance, one shot to finally decide whether demands made by the European Commission, International Monetary Fund, and European Central Bank are frugal enough to get Greece much needed financial aid. Yes, arguably the most important vote in Grecian history could prevent, or enable, the debt-ridden country from securing the wherewithal necessary to pay debtors and fund some semblance of future stability.

So, what exactly are Greece’s people voting on?

According to Greek government officials, countrymen and women will vote on specific terms related to bailout financing it’s received during the course of Greece’s financial meltdown. Voting “no” will theoretically give Tsipras and his government more leverage when dealing with creditors. Voting “yes” will force the Prime Minister to succumb to strict creditor requests but allow financial aid to begin flowing back into Greece’s fairly empty coffers. Minister of Finance Yanis Varoufakis swears he’s gone if residents vote “yes”, yet what’s even more bizarre is there are currently high-dollar bets that a “yes” will be the outcome. Even more interesting is the crowdfunding campaign started for Greece to help this impasse. Sounds confusing, but there’s more.

Bailout terms expired Monday.

So, if you’re keeping score, denizens of frantic Grecian workers, retirees, students, and small business owners will essentially vote on expired terms. Hardly seems ethical, let alone legal. Creditors know these terms have expired, and could technically fight the outcome of an expired referendum, although it’s pretty safe to assume everyone (including Tsipras) would prefer this twisted soiree just ended quickly, and amicably. We can only speculate the political meltdown should a “yes” vote come down, but would Greece’s entire left-wing government go as far as resigning?

According to the Australian, absolutely.

Varoufakis told the Aussie media outlet that “cutting off his arm” would be better than seeing the (expired) referendum pass. With a “no” vote, the ECB could either grant unrestricted access to financial reserves to help offset debts, or reduce such access. Either way, it appears this route would produce new elections with the possibility of a new unified government body emerging. With a “yes” vote, Greece would keep their Eurozone membership and would then either restructure a new agreement or simply balk, the latter causing another election or coalition reorganization. It’s getting to the point Greece could have to start printing their currency again.

Unfortunately, Greece no longer has drachma printers.

Residents of the financially impaled country, regardless of what threats of abandonment or acts of tyranny are being smeared across mass media, will vote on the mystery referendum Sunday. By Monday morning, the world will know the depth of Greece’s resolve, so whether or not Indiegogo raises enough funds to help pay off debtors could be moot as Greece may lose their check-writing privileges.

[Photo by Milos Bicanski / Getty Images News]